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Report No. : |
335570 |
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Report Date : |
07.08.2015 |
IDENTIFICATION DETAILS
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Name : |
DUBAI DUTY FREE |
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Formerly Known As : |
DUBAI DUTY FREE
SHOPPING COMPLEX |
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Registered Office : |
Dubai International Airport 2525 & 831 Dubai |
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Country : |
United Arab
Emirates |
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Date of Incorporation : |
20.12.1983 |
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Legal Form : |
Government
Corporation |
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Line of Business : |
Subject operates
the Dubai International Airport duty free shopping complex, which comprises
the following departments: Fashion
Shop Engaged in the
retail of ladies and gents readymade garments, specialising in Italian and French
fashion items, leisure wear, ties and scarves. Fine
Leather Shop Engaged in the
retail of handbags, suitcases carry bags and suit carriers,
plus wallets, key minders and purses belts and other leather goods and accessories. Perfume
Shop This specialises
in the retail of the top brand names of perfumes and cosmetics. Toy &
Book Shop Retailers of
books, magazines, toys and electronic games. Gift Items
Shop This department
specialises in the retail of crystal and porcelain items, small leather goods, scarves and
ties, as well as brand name gold jewellery and diamonds. Watch Shop Engaged in the
retail of watches, sunglasses and writing instruments. Gold
Jewellery Shop The gold
jewellery shop has 16 counter units which are designed to complement the
products and is engaged in the retail of a wide range of gold jewellery,
including 18kt, 22kt and tola bars in 24kt gold, precious gems, pearls and a
wide selection of costume jewellery. Spirits
& Tobacco Shop Retailers of a wide
range of spirits, wines and champagnes, as well as cigarettes, cigars and
tobacco. Food Shop Retailers of
delicatessen products, fine foods, confectionery, health food and baby care
products. Electronics
Shop Engaged in the
retail of VCR's, televisions, radio-cassettes, car radios, mini-discs,
electronic keyboards, computers, CD players, DVD's, household appliances,
personal appliances, telephones and fax machines. |
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No. of Employee : |
6,000 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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United Arab
Emirates |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
UNITED ARAB EMIRATES ECONOMIC OVERVIEW
The UAE has an open economy with a high per capita income and a sizable annual trade surplus. Successful efforts at economic diversification have reduced the portion of GDP based on oil and gas output to 25%. Since the discovery of oil in the UAE more than 30 years ago, the country has undergone a profound transformation from an impoverished region of small desert principalities to a modern state with a high standard of living. The government has increased spending on job creation and infrastructure expansion and is opening up utilities to greater private sector involvement. The country's free trade zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. The global financial crisis, tight international credit, and deflated asset prices constricted the economy in 2009. UAE authorities tried to blunt the crisis by increasing spending and boosting liquidity in the banking sector. The crisis hit Dubai hardest, as it was heavily exposed to depressed real estate prices. Dubai lacked sufficient cash to meet its debt obligations, prompting global concern about its solvency and ultimately a $20 billion bailout from the UAE Central Bank and Abu Dhabi-emirate government that was refinanced in March 2014. Dependence on oil, a large expatriate workforce, and growing inflation pressures are significant long-term challenges. The UAE's strategic plan for the next few years focuses on diversification and creating more opportunities for nationals through improved education and increased private sector employment.
|
Source
: CIA |
Company Name : DUBAI DUTY
FREE
Also Known As : DUBAI
DUTY FREE SHOPPING COMPLEX
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Government Corporation
Registration Date : 20th
December 1983
Total Workforce : 6,000
Activities :
Operators of a duty free shopping complex
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
DUBAI DUTY FREE
DUBAI DUTY FREE SHOPPING
COMPLEX
Location : Dubai International Airport
PO Box : 2525 & 831
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2224222 / 2066444 / 2062453 /
2162453 / 6019518 / 6019523
Facsimile : (971-4) 2246458 / 2244036 / 2244164
Mobile :
(971-50) 4563614 / 4563613
Email : customerservice@ddf.ae
Subject operates
from a large suite of offices and showroom that are rented and located in the
Dubai International Airport.
Name Position
·
George
Horan President
·
Colm
McLoughlin Executive
Vice President
·
Ms
Sinead El Sibai Marketing
Manager
·
Bernard
Creed Finance
Manager
·
Ms Saba
Tahir Purchasing
Manager
·
Ramesh
Cidambi IT
Manager
·
Salah
Tahlak Communications Manager
·
Sean
Staunton Operations
Manager
·
Nic
Bruwer Human
Resources Manager
·
Zayed
Al Shebli Security
Manager
Date of Establishment : 20th
December 1983
Legal Form :
Government Corporation
·
Government
of the Emirate of Dubai 100%
Local sources
report that subject is responsible to the Dubai Civil Aviation Authority, which
in turn is a department within the government of Dubai.
Activities: Subject operates the Dubai International
Airport duty free shopping complex, which comprises the
following departments:
specialising in Italian and French fashion items, leisure wear, ties and
scarves.
carriers, plus wallets, key minders and
purses belts and other
leather goods and accessories.
and cosmetics.
items, small leather goods, scarves and ties, as well as brand name gold
jewellery and diamonds.
instruments.
to complement the products and is engaged in the retail of a wide range
of gold jewellery, including 18kt, 22kt and tola bars in 24kt gold, precious
gems, pearls and a wide selection of costume jewellery.
well as cigarettes, cigars and tobacco.
health food and baby care products.
radios, mini-discs, electronic keyboards, computers, CD players, DVD's,
household appliances, personal appliances, telephones and fax machines.
With the opening of Concourse A in January 2013 which is dedicated to
Emirates Airline’s A380 fleet, Dubai Duty Free now operates 26,000 square
metres of retail space across Terminals 1, 2 and 3. The opening of Concourse A
will be followed within 3 to 4 years by the opening of Concourse D.
Meanwhile, Dubai Duty Free’s Leisure Division which operates the popular
Irish Village and the Century Village, opened its first hotel - the Jumeirah
Creekside Hotel. The 292-room five-star property is managed by Dubai-based Jumeirah
Group.
Dubai Duty Free also inaugurated its first border shop located next to
the Customs and Immigration offices at the Hatta-Oman border in July last year.
The retail unit covers some 42 square metres and provides a convenient stop off
point 24/7 for travellers crossing to and from Dubai.
Dubai Duty Free's subsidiary businesses include The Irish Village, The
Century Village and the Dubai Duty Free Tennis Stadium; home to the Dubai Duty
Free Tennis Championships. Located on the same site in
Garhoud, the recently opened Jumeirah Creekside Hotel, which encompasses
the Aviation Club, is owned
and developed by Dubai Duty Free and is managed by the Jumeirah Group.
The hotel, which opened in July
2012 is already proving to be a popular business and leisure
property. In close proximity to Dubai’s
international airport it is a five star hotel of international
standards. There are 292 spacious rooms and suites
offering guests a refreshing interpretation of luxury and an authentic
experience of Dubai. The Irish Village
Bar and Restaurant in Dubai is also owned and run by Dubai Duty Free. A
winner of several industry awards and named by Newsweek International as one of
the ‘top ten meeting places in the world’, it continues to
attract visitors from all over
the world.
Dubai Duty Free is
currently operating over 26,000 square metres of retail space at Dubai
International Airport (DIA), the retail footprint will expand by a further
7,000 square metres with the opening of Concourse D in 2015. This new concourse
will cover some 65,000 square metres and will be the home to the 100 airlines
that currently operate from DIA’s Terminal 1, Concourse C.
Meanwhile, the Dubai
Duty Free operation at Al Maktoum International Airport at Dubai World Central
continues to do well and covers 2,500 square metres. In the long term, the
airport has capacity for over 220 million passengers and ultimately, the retail
operation will cover some 64,000 square metres.
Import Countries
: The United Kingdom,
France, Spain, Italy, Germany, the Netherlands and Switzerland.
Brand Names : LLADRO, BACCARAT, SWAROWSKI, CHRISTOFLE,
WATERFORD, WEDGEWOOD and ROYAL
DOULTON
Operating Trend: Steady
Subject has a
workforce of approximately 6,000 employees.
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/13: Year Ending
31/12/14:
Total Sales UAE Dh
6,999,000,000 UAE Dh
7,500,000,000
Local sources consider
subject’s financial condition to be Good.
The above financial
figures are based on estimations by our local sources.
·
Arab
Bank Plc
Ittihad Street
PO Box: 11364
Dubai
Tel: (971-4) 2228845
Fax: (971-4) 2285974 / 2940847
No complaints
regarding subject’s payments have been reported.
During the course
of this investigation nothing detrimental was uncovered regarding subject’s
operating history or the manner in which payments are fulfilled. As such the company
is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.76 |
|
|
1 |
Rs.99.60 |
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Euro |
1 |
Rs.69.71 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
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Report Prepared
by : |
ANK |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.